Midday Commentary: Convertibles begin 2014 on a quiet note; DryShips shares lower again

By Rebecca Melvin

New York, Jan. 2 - The convertible bond market started out the first trading session of the new year on a quiet note Thursday as a major snow storm geared up to slam parts of the north east with up to a foot of snow within the next 24 hours.

"It's a very quiet morning so far, with really nothing interesting occurring in the market. We think it will be quiet until Monday," a New York-based trader said.

Stocks were lower in the early going, contrary to last year's first trading session, when convertibles were also quiet but stocks were rallying.

DryShips Inc.'s shares were lower again early Thursday after dropping on Monday but improved on Tuesday ahead of the New Year's holiday Wednesday when financial markets were closed.

DryShips'5% convertibles due 2014 were unchanged at an even 100 early Thursday and didn't appear to have traded, according to Trace data.

DryShips' American Depositary Shares were down 6.6% at $4.39. They had fallen 6% on Monday, recovering that loss on Tuesday.

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